With inflation still quite high worldwide, it comes to no surprise to most economists that, for the seventh time this year, the Bank of Canada (BoC) has raised its interest rate, this time by 50 basis points.
The country’s rate now sits at 4.25%.
While most Canadians are not new to the concept of rising rates, it’s not always easy seeing your monthly payments go up. While weathering the inflation storm hasn’t been easy, there are some ways to help you manage your brand new budget:
However, for current homeowners on a variable-rate mortgage: if you’re worried that you’re close to, or already at, your trigger rate, and you’re tired of weathering the inflation storm, it might be time to consider locking into a fixed rate.
Making the switch isn’t hard, but if you need help understanding what you can do, take 10 minutes or less to fill out our application and we’ll make sure you’re connected to one of our trusted mortgage advisors to help you figure out what’s best for you.